The real estate market in the Park City area has seen strong gains for the past six months or more. Demand is increasing, supply is decreasing and prices are beginning to rise.
Prices peaked in the end of 2007 and then trended downward thru the end of 2011. We are now on par with prices as they were in the spring of 2006 on the way up and at the beginning of 2011 on the way down. The market is trending upward.
The number of properties sold from January 1st through June of this year, as compared to 2012 for the same period, is up 18% and the dollar volume is up 19%. Average prices are just about even but median prices are up 7%. This is including all property types in all areas.
The total number of single family homes sold during the same period is up 10% and dollar volume is up 21%. The average price per home is up 10% and the median price per home is also up 10%. Inventory is down 8%. The average price per single family home is currently $956,865 and the median price per home is $619,000.
The total number of condos sold for the same period is up 12% and dollar volume is up 3% with the average price per condo sold up 7% and the median price up 6%. Inventory has decreased 17%. The average price per condo is currently $623,722 and the median price per condo is $371,025.
Though inventory is decreasing, there is still plenty to choose from in all areas and property types. Properties that are priced competitively do not remain on the market long. Buyers are beginning to feel some pressure to make a decision if they find the property they like.
Interest rates are still incredibly low though they have begun to tick up a little bit. It is a good time to lock in if you have that option.
I hope that this is helpful. If I might be of assistance or if you would like more detail regarding any of this information please give me a call 435.901.8333 or send a note. I will look forward to hearing from you.
Brad Jensen Associate Broker Summit Sotheby’s International Realty (435) 901.8333 firstname.lastname@example.org www.jensenandcompany.com